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UNDERSTAND THE FILING PROCESS FOR CHAPTER 7 BANKRUPTCY
Bankruptcy is a word that may bring up feelings of insecurity and dread. However, the laws on bankruptcy were written to provide relief, not more anxiety, for people with large amounts of debt. Our attorneys in Wilmington can help you figure out if you qualify.
A bankruptcy lawyer may be able to help you find debt relief by filing for one of the types of bankruptcy most common in the United States, which is called chapter 7, chapter 11 or chapter 13. Specifically:
- Chapter 7 bankruptcy results in the discharge of many types of debt within about three months or so.
- Chapter 11 may be able to help a business by giving the company time to reorganize.
- Chapter 13 is an option for people who have a steady source of income but desire financial relief without liquidation of their assets.
DEBT RELIEF: WHY BANKRUPTCY CAN BE GOOD INSTEAD OF BAD
Whatever your situation or whichever form of financial reorganization you may qualify for, in the end, the feeling of relief often outweighs the pressure and stress of dealing with collection agencies and potential lawsuits. Bankruptcy can give you a fresh start, financially speaking, and allow you to get on with your life. Although your credit score may be affected for several years, you may be able to start rebuilding your credit sooner than you had imagined. Depending on your personal circumstances, you may not even have to give up your home or other assets.
When you decide to consider the option of bankruptcy, you’ll want to have an attorney who is well versed in this type of law and proceeding to help you through this trying time. In Wilmington, call 910-791-9422 to schedule your consultation with the lawyers of Price & Williams.
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